Daily trading volume on the OMX exchange’s NFT marketplace exceeds $50 million

According to this indicator, the platform was in first place, surpassing the segment leaders such as Blur and OpenSea

18.12.2023 - 13:28

3 min

What’s new? The OKX crypto exchange’s non-fungible token marketplace significantly surpassed the leading platforms in terms of daily trading volume with a figure of $50,33 million. At the same time, the results of Blur, Magic Eden, UniSat, and OpenSea amounted to only $13,21 / $7,63 / $3,82 / $3,25 million respectively. According to analysts, the reason for the outpacing growth of OKX was the fact that the platform, unlike some competitors, has already launched trading of bitcoin NFTs, which are in high demand.

The Block’s material

What else is known? The volume of bitcoin NFT trading over the past week increased by 152% and reached $305,44 million. According to CryptoSlam’s data as of December 18, the top 5 in terms of trading volume are exclusively collections on the Bitcoin blockchain.

The network itself overtakes its main competitor, Ethereum, by $21,6 million in daily volume. Blur and OpenSea have not yet added support for such assets, thus losing their leading positions.

In turn, OKX in May in partnership with browser-based crypto wallet UniSat began to develop BRC-20 protocol indexing standards, which allows you to create on the Bitcoin network fungible and non-fungible tokens. At the same time, OKX launched a blockchain explorer for BRC-20 tokens.

OKX pledges to compensate for the damage caused by the hack of the decentralized exchange

Experts estimate losses at $2,7 million

Earlier this month, the US Department of Commerce added bitcoin NFTs to its cyber threat registry. In its decision, the agency relied on statements by Bitcoin Core client developer Luke Dashjr, who noted that the possibility of issuing bitcoin NFTs was a result of a network vulnerability. He has repeatedly called for such assets to be banned because they overload the network with spam.

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